Duke Energy Customers Could See Savings Thanks to Federal Tax Cut
Kentucky customers of Duke Energy electricity should expect a combined $16.5 million in annual savings, the utility announced Tuesday.
Natrual gas customers could see $3 million in savings through March, and $5.2 million through the end of the year, possible savings that are under review by state regulators.
Duke Energy cites the federal Tax Cuts and Jobs Act for the savings.
As a result, individual households could see bill savings of up to approximately $70 over the course of one year. Customers who receive both electric and natural gas service from Duke Energy may see even higher savings, the company said in a news release.
“We’ve been working closely with state regulators to ensure that our customers enjoy immediate and long-term benefits of the tax act,” said Amy Spiller, president of Duke Energy Ohio & Kentucky. “Since the act was passed, we’ve taken many voluntary and proactive steps to enable our customers to start saving money on their monthly energy bills.”
In May 2018, Duke Energy Kentucky electric customers began seeing nearly $16.5 million in tax act benefits on their bills. When compared to 2017, a typical residential electric customer in Kentucky saved $37 on electric charges in 2018 due to the tax act. In 2019, a typical residential electric customer of Duke Energy Kentucky can expect to save $55.
Separately, late last year, the company began applying a $3 million credit to Kentucky customers’ gas bills resulting from the tax act. This credit will be reflected on bills through the end of this month.
Duke Energy Kentucky natural gas customers will see even more tax act savings, pending regulatory approval of the company’s proposal to adjust base rates, the company said. In its application, Duke Energy Kentucky proposed applying $5.2 million in tax act benefits to its natural gas customers’ rates. If approved, the tax act savings will equate to approximately $51 per year for a typical residential customer.